I like the idea of a third party doing the translation, if that's the only way an English version could be released. I would be happy with English subtitles, which would seem to be much cheaper than recording new English voice-overs. Fans could create the subtitle files and the developer could sub them in. Yoomurjak's ring was released in Hungarian only with an option for English subtitles, yet it's one of my favorite games and the native language only added to the atmosphere of the game.
It wouldn't be much different than watching a movie with subtitles. The translator would have to come up with creative ways to include in the subtitles translations of non-English items that appear in the graphics, though.
I point, therefore I click.